Buying a home involves a myriad of tasks, especially when the purchase includes a new mortgage. While no two transactions are exactly alike, this checklist can help you organize what you’ll need to do after you’ve found a home you want to buy.
□ Negotiate and sign a purchase contract with the seller.
□ Complete and sign a formal loan application.
□ Review the lender’s disclosure documents, which should include a Good Faith Estimate, Truth-in-Lending Statement and other legally required disclosures, if applicable.
□ Submit your loan documents to the lender. Documents you may be asked to provide could include:
- Paycheck stubs
- W-2 forms
- Proof of additional income such as alimony, child support or rental income
- Two months of bank statements
- Two months of investment account statements
- Two years of federal and state income tax returns
- Two years of financial statements, if you’re self employed
- Proof of funds for your deposit, down payment and closing costs
- Explanation of any derogatory items on your credit report
- Divorce decree, if applicable
- Discharge of bankruptcy, if applicable
- Other documents requested by the lender
□ Review the seller’s property transfer disclosure statement, if legally required.
□ Review home inspector’s report, if obtained as provided for in your purchase contract.
□ Obtain a copy of the appraisal for your files.
□ Review the survey or title report as appropriate and customary.
□ Review homeowners’ association documents, if applicable.
□ Obtain approval of the homeowners’ association board, if applicable.
□ Purchase homeowner’s insurance.
□ Purchase any specialty property insurance (e.g., flood, earthquake) that may be required or that you want to buy.
□ Pack your belongings.
□ Hire a moving company or reserve a truck and recruit friends and family to help you move.
□ Notify your landlord to terminate your lease or rental agreement.
□ Notify the U.S. Postal Service of your new address.
□ Contact utility companies to transfer water, electric and gas services into your name.
□ Walk through the home before closing, if provided for in your purchase contract.
□ Obtain a cashier’s check for the balance remaining on your down payment and for any additional closing costs to be paid at closing.
□ Sign and obtain copies of your closing documents.
□ Pick up the keys to your new home!